Best Corporates: The pioneer

Unfraid to push the boundaries, América Móvil landed yet another first with a much-lauded global-local security

Having over the years issued a variety of bonds in a number of
markets globally, América Móvil is no stranger to
accolades for its borrowing.

In the past year, it has sold dollar and sterling deals, as
well as one of LatAm’s largest-ever Swiss
franc-denominated transactions. The standout, though, was an
innovative new global-local security that offers corporates the
same ease of execution afforded the Mexican sovereign.

The bonds, dubbed Títulos de Crédito
Extranjero, are sold seamlessly to both foreign and Mexican
investors without the need for a depository note. The
instrument, which has already been replicated by another
Mexican borrower, marks out América Móvil as the
Latin American corporate with the best bond market
strategy.

The company debuted the instrument in November, selling 15
billion pesos ($1.15 billion) of 10-year...